Rexford Buys Hotel Fullerton Site; Will Construct Industrial Facility
Cushman & Wakefield brokered the sale of the shuttered Hotel Fullerton property in Fullerton, CA that is being slated for industrial redevelopment. Rexford Industrial acquired the 7-acre site from Huoyen International, Inc. for $45 million.
Already zoned for industrial use, Rexford’s new 140,000-square-foot industrial building will be located just off the 91 Freeway, and is also convenient to other logistical routes including I-5 and the 57 Freeway.
Randy Ellison, Senior Director at Cushman & Wakefield’s Irvine office, represented both parties in the off-market transaction. Said Ellison, “This sale reflects the continued trend in Southern California of re-purposing properties that are in industrial zones but are not active industrial uses. In the current climate, industrial real estate has become recognized as a highest and best use option to certain select hotel and office properties situated on large sites.”
- ◦Sale/Acquisition
